Solana is attempting another rise above the $25 resistance against the US Dollar. SOL price rises to $30 if there is a close above $25.65.
- SOL price is showing positive signs above the $23.80 level against the US dollar.
- The price is now trading above $24 and the 100 simple moving average (4 hours).
- There was a break above a major bearish trendline with resistance near USD 23.10 on the SOL/USD pair’s 4-hour chart (data source from Kraken).
- The pair could continue to rise if it crosses the $25.65 resistance zone.
Solana Price starts with new raise
After a steady decline, the price of Solana found support near the $22.20 zone. Trading as low as $22.22, SOL recently started a fresh increase, unlike Bitcoin and Ethereum.
The price climbed above the $23.20 and $24.00 resistance levels. There was a break above a major bearish trendline with resistance near $23.10 on the SOL/USD pair’s 4-hour chart. The pair climbed above the 50% Fib retracement level of the downward move from the $25.65 swing high to the $22.22 low.
SOL is now trading above $24 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $24.85 level. It is near the 76.4% Fib retracement level of the downward move from the $25.65 swing high to the $22.22 low.
Source: SOLUSD at TradingView.com
The first major resistance is near the $25.65 level. A clear move above the $25.65 resistance could push the price towards the $28.80 resistance. More winnings could send the price to the $30 level.
Are dips limited in SOL?
If SOL fails to clear the $25.65 resistance, it could start a fresh decline. The first support on the downside is near the $24.00 level and the 100 SMA.
The first major support is near the USD 23.50 level. If a close breaks below the USD 23.50 support, the price might decline towards the USD 22.50 support. In the said case, there is a risk of more downsides towards the $21.20 support in the near term.
Technical indicators
4am MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $24.00 and $23.50.
Major resistance levels – $24.85, $25.65 and $30.00.
